Truist Financial Corp Decreases Stake in Biogen Inc. (NASDAQ:BIIB)

Truist Financial Corp lowered its position in shares of Biogen Inc. (NASDAQ:BIIB - Free Report) by 18.8% in the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 41,915 shares of the biotechnology company's stock after selling 9,681 shares during the quarter. Truist Financial Corp's holdings in Biogen were worth $10,846,000 as of its most recent filing with the SEC.

Other institutional investors have also modified their holdings of the company. Wellington Management Group LLP lifted its position in Biogen by 0.5% during the 3rd quarter. Wellington Management Group LLP now owns 5,374,310 shares of the biotechnology company's stock worth $1,381,251,000 after acquiring an additional 27,951 shares in the last quarter. Northern Trust Corp lifted its position in Biogen by 2.8% during the 3rd quarter. Northern Trust Corp now owns 1,643,035 shares of the biotechnology company's stock worth $422,276,000 after acquiring an additional 45,437 shares in the last quarter. Morgan Stanley lifted its position in Biogen by 4.3% during the 3rd quarter. Morgan Stanley now owns 1,493,113 shares of the biotechnology company's stock worth $383,745,000 after acquiring an additional 61,814 shares in the last quarter. Van ECK Associates Corp lifted its position in Biogen by 24.5% during the 3rd quarter. Van ECK Associates Corp now owns 1,189,546 shares of the biotechnology company's stock worth $305,725,000 after acquiring an additional 233,889 shares in the last quarter. Finally, Invesco Ltd. lifted its position in Biogen by 19.1% during the 3rd quarter. Invesco Ltd. now owns 1,181,374 shares of the biotechnology company's stock worth $303,625,000 after acquiring an additional 189,368 shares in the last quarter. Hedge funds and other institutional investors own 87.93% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. Robert W. Baird cut their target price on Biogen from $333.00 to $316.00 and set an "outperform" rating on the stock in a research report on Wednesday, February 14th. Piper Sandler cut their target price on Biogen from $350.00 to $325.00 and set an "overweight" rating on the stock in a research report on Wednesday, February 14th. HC Wainwright cut their target price on Biogen from $325.00 to $300.00 and set a "buy" rating on the stock in a research report on Thursday, April 25th. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $311.00 target price on shares of Biogen in a research report on Tuesday, February 20th. Finally, StockNews.com lowered Biogen from a "buy" rating to a "hold" rating in a research report on Tuesday, February 20th. Ten investment analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $291.64.

Insider Transactions at Biogen

In related news, insider Priya Singhal sold 262 shares of the company's stock in a transaction that occurred on Thursday, February 22nd. The stock was sold at an average price of $221.23, for a total value of $57,962.26. Following the transaction, the insider now owns 4,886 shares in the company, valued at $1,080,929.78. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other Biogen news, Director Eric K. Rowinsky bought 455 shares of the stock in a transaction on Thursday, February 15th. The shares were acquired at an average price of $222.54 per share, with a total value of $101,255.70. Following the acquisition, the director now directly owns 20,629 shares of the company's stock, valued at approximately $4,590,777.66. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, insider Priya Singhal sold 262 shares of the business's stock in a transaction on Thursday, February 22nd. The shares were sold at an average price of $221.23, for a total transaction of $57,962.26. Following the sale, the insider now directly owns 4,886 shares in the company, valued at approximately $1,080,929.78. The disclosure for this sale can be found here. Insiders have sold 882 shares of company stock worth $202,030 in the last 90 days. Insiders own 0.60% of the company's stock.

Biogen Trading Down 1.2 %

Shares of BIIB stock traded down $2.62 during mid-day trading on Thursday, hitting $213.51. The company's stock had a trading volume of 877,128 shares, compared to its average volume of 1,208,602. The company's fifty day simple moving average is $212.12 and its 200-day simple moving average is $232.44. Biogen Inc. has a 52 week low of $189.44 and a 52 week high of $319.76. The company has a debt-to-equity ratio of 0.41, a quick ratio of 1.32 and a current ratio of 2.10. The company has a market cap of $31.09 billion, a PE ratio of 26.66, a P/E/G ratio of 2.18 and a beta of -0.01.

Biogen (NASDAQ:BIIB - Get Free Report) last issued its earnings results on Wednesday, April 24th. The biotechnology company reported $3.67 EPS for the quarter, beating analysts' consensus estimates of $3.45 by $0.22. The business had revenue of $2.29 billion during the quarter, compared to analyst estimates of $2.31 billion. Biogen had a return on equity of 14.83% and a net margin of 12.07%. The firm's revenue was down 7.0% compared to the same quarter last year. During the same period in the previous year, the company posted $3.40 EPS. As a group, equities research analysts expect that Biogen Inc. will post 15.58 earnings per share for the current fiscal year.

Biogen Company Profile

Biogen Inc discovers, develops, manufactures, and delivers therapies for treating neurological and neurodegenerative diseases in the United States, Europe, Germany, Asia, and internationally. The company provides TECFIDERA, VUMERITY, AVONEX, PLEGRIDY, TYSABRI, and FAMPYRA for multiple sclerosis (MS); SPINRAZA for spinal muscular atrophy; ADUHELM to treat Alzheimer's disease; FUMADERM to treat plaque psoriasis; BENEPALI, an etanercept biosimilar referencing ENBREL; IMRALDI, an adalimumab biosimilar referencing HUMIRA; FLIXABI, an infliximab biosimilar referencing REMICADE; and BYOOVIZ, a ranibizumab biosimilar referencing LUCENTIS.